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UK’s Bioniq enters Saudi Arabia with strategic partnership

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Founded in 2019, Bioniq offers Bioniq PRO and Bioniq GO which are based on algorithms developed from a large and diverse biochemical database. (Supplied)
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Founded in 2019, Bioniq offers Bioniq PRO and Bioniq GO which are based on algorithms developed from a large and diverse biochemical database. (Supplied)
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Updated 02 May 2024
Nour El-Shaeri  
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UK’s Bioniq enters Saudi Arabia with strategic partnership

  • CEO shares insights into company’s strategic objectives and expansion
Updated 02 May 2024
Nour El-Shaeri  

CAIRO: Personalized supplements based on blood test data are set to become available in key Saudi cities as Bioniq brings its patented algorithm to the Kingdom. 

Through a partnership with Al Borg Diagnostics, a provider of diagnostic health services in Saudi Arabia, Bioniq has set a strategic expansion plan into the Kingdom. 

In an interview with Arab News, Vadim Fedotov, CEO and founder of Bioniq, shared insights into the company’s strategic objectives and expansion plans in Saudi Arabia and the broader Middle East and North Africa region. 

“Our immediate goals in Saudi Arabia include establishing a strong presence in key cities, enhancing access to personalized health solutions, fostering strategic partnerships, and consistently delivering exceptional customer experiences,” he said.

The advantage 

Looking ahead, Fedotov explained Bioniq’s long-term vision in the Saudi market, focusing on product efficacy and transparency.  

“We believe it’s crucial to showcase the benefits of a quantifiable product that demonstrates how it works and its effectiveness,” he noted.  

He criticized the prevailing market trends where companies fail to substantiate their claims. “Many companies in the market promise results without concrete evidence, essentially selling a dream. Bioniq, on the other hand, delivers tangible results.” 

“We have already established strategic partnerships in the medical and wellness space that we have not announced yet. Moreover, we have already started integrating our solutions in some of the most prominent athletic organizations of Saudi Arabia,” he revealed, indicating an aggressive approach to embedding Bioniq’s solutions into key health and sports ecosystems. 

Although specifics were not disclosed, Fedotov hinted at future collaborations that could involve governmental bodies. 

The Saudi market is pivotal for Bioniq’s expansion strategy due to its significant growth potential and its position as a key player in the healthcare industry within the Gulf region.

Vadim Fedotov, CEO and founder of Bioniq

“Unfortunately, I cannot disclose details at the moment, but the plans are indeed significant,” he mentioned, suggesting potential engagements that could influence policy or regulatory frameworks within the health sector. 

Regarding growth objectives for the next year, Fedotov said: “Strategic partnerships with nationwide medical institutions as well as leading athletic organizations are already in place to build brand awareness and trust.” 

Fedotov stated that the company does not plan to offer exclusive products for the Saudi market and that all its products are shipped worldwide, emphasizing a unified product strategy across global markets. 

Discussing the partnership with Al Borg, Fedotov further detailed how this alliance would enhance Bioniq’s operational capabilities.  

“We plan to leverage our partnership with Al Borg to enhance our presence by expanding accessibility to personalized health solutions,” he explained. 

“We aim to collaborate closely with Al Borg to optimize customer experience and provide seamless healthcare solutions to individuals throughout the country,” he added. 

Legal standards 

Fedotov highlighted Bioniq’s approach to navigating the regulatory environment in Saudi Arabia indicating it is a crucial aspect of their operations.  

“We’re working closely with strategic partners in the region who have been established for decades, including nationwide partners who guide us in ensuring compliance with current and new regulations,” he explained.  

“We’re fully committed to adhering to these guidelines. As our strategic partners include government entities and medical institutions, we’re confident that our offering is and will be in line with all current and future regulations,” the CEO added. 

When asked about the significance of the Saudi market in Bioniq’s global strategy, Fedotov’s response underscored the strategic importance of the region.  

“The Saudi market is pivotal for Bioniq’s expansion strategy due to its significant growth potential and its position as a key player in the healthcare industry within the Gulf region,” he stated.  

“With its large population and substantial healthcare expenditure, Saudi Arabia presents a ripe opportunity for Bioniq to introduce its personalized health solutions and contribute to advancing healthcare standards in the region,” he explained.  

He added: “Additionally, by establishing a strong presence in Saudi Arabia, we can leverage our strategic partnerships and innovative technology to further solidify our position as a leader in personalized nutrition and supplementation across the Middle East market. 

Regarding the timing of Bioniq’s entry into the Saudi market, Fedotov shared that the company had already made its debut.  

“Our partnership with Borg AI marked our launch in the region in April of this year,” he noted.  

This launch introduced Bioniq’s products, including Bioniq GO and Bioniq PRO, to the Saudi marketplace, marking a significant milestone in their regional strategy. 

“We are certainly considering establishing an office in the Kingdom,” he said, hinting at a significant operational expansion.  

“Currently, we have over 80 employees globally, including headquarters in London, offices in Berlin, Dubai, and New York. Saudi Arabia appears to be a very promising option for one of our future locations. Regarding key members for the region and global expansion, we will be based there, given the strategic importance of Saudi Arabia and the Middle East,” he added.

Business fundamentals 

“Our primary mission in the region is to address the challenge of personalized health and wellness in Saudi Arabia’s healthcare industry,” Fedotov stated.  

He highlighted that the collaboration with Al Borg is set to boast personalized health across the Kingdom, making Bioniq’s blood test panel available in 28 cities across Saudi Arabia. 

“Now, consumers from Riyadh, Jeddah, Alkhobar, or any other cities across the country, can achieve optimal health levels much easier.”  

The partnership allows consumers to utilize a 50-parameter blood test offered by Al Borg Diagnostics, after which they can opt for a personalized supplement formula created by Bioniq, based on their specific health data. 

“We closely monitor metrics related to customer satisfaction, such as feedback scores and testimonials. We aim to deliver the most personalized supplements, so we are a super consumer-centric company,” he said. 

“Of course, as a business, we also focus on revenue growth, customer retention rates, market penetration, and the number of personalized supplement formulas delivered,” the CEO added. 

“In the Saudi market specifically, we pay close attention to metrics related to market penetration and customer acquisition. Given the strategic importance of this region for our expansion efforts, we track the number of customers adopting our personalized supplement solutions,” he stated. 

The CEO further elaborated on how this approach leverages comprehensive blood tests and tailored supplement formulas to meet individual health needs and optimize overall well-being, marking a significant advancement in personalized health management. 

Founded in 2019, Bioniq offers Bioniq PRO and Bioniq GO which are based on algorithms developed from a large and diverse biochemical database. 

Bioniq PRO, as Fedotov described, offers personalized supplements derived from extensive biochemical data and combined with health questionnaires and blood tests.  

In contrast, Bioniq GO provides a more generalized personalization based on health questionnaires alone. “The cost of Bioniq supplements varies depending on the package the customer chooses,” Fedotov added, with Bioniq GO priced at $75 per month and Bioniq PRO at $199 per month. 

On the financial front, Fedotov shared insights into the company’s profitability. “After five and a half years, we have achieved market profitability in all our priority markets,” he revealed. 

Bioniq’s inception 

“The idea of Bioniq came from my sports background and a subsequent corporate career that left me burnt out at 30,” Fedotov explained.  

Despite being medically healthy, he felt unwell, which led him to realize that “wellness goes beyond just the absence of illness.”  

Identifying a gap in the market for personalized health solutions, he noted, “In 2018, there were no companies providing personalized solutions for people like myself.” This revelation prompted him to establish Bioniq in London in 2019. 

The company has raised $15 million since its inception, and Fedotov revealed:“Given the fact that the Middle East is one of our key regions, there’s a high level of proportionate investment into the Middle East, including Saudi, to develop strategic partnerships, onboard key opinion leaders and share and demonstrate the key advantages of a personalized approach.” 

He added: “Additionally, we are leveraging our investment to enhance our technology platform and data analytics capabilities, ensuring that our personalized supplement formulas are backed by the latest scientific research and insights.”

A growing market 

“We see significant opportunities for growth and innovation in Saudi Arabia, which is why we are entering this market,” he stated.  

Regarding the broader trends in the health tech industry, Fedotov shared his company’s forecasts and strategic plans.  

“Our forecasts suggest continued growth and increasing demand for personalized health solutions in our operational markets,” he noted.  

Bioniq intends to capitalize on these trends by investing in research and development to enhance its products and services further.  

Additionally, the company plans to expand its strategic partnerships with healthcare providers and technology companies and continue innovating in the field of precision health. 

Fedotov also emphasized the importance of consumer education in Bioniq’s strategy. “We will continue focusing on educating consumers about the benefits of personalized nutrition and wellness, empowering them to take control of their health journey,” he explained.

Topics: Start-up of the Week

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Saudi Arabia emerging as global cybersecurity guardian: digital experts

Updated 20 December 2024
Nadin Hassan
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Saudi Arabia emerging as global cybersecurity guardian: digital experts

Updated 20 December 2024
Nadin Hassan

RIYADH: From protecting its growing digital infrastructure to exporting cybersecurity technologies and expertise, Saudi Arabia is emerging as a key player in addressing global cyber threats.

The Kingdom has made significant strides in developing its technology infrastructure, a key pillar of its Vision 2030 initiative aimed at diversifying the economy beyond oil.

This digital transformation has been accompanied by a comprehensive approach to online safety – including the adoption of the National Cybersecurity Strategy, which focuses on creating a secure digital landscape that supports rapid technological advancements.

“The growth of Saudi Arabia’s tech infrastructure has substantially enhanced its cybersecurity capabilities,” Sohil Mohamed, director, cyber risk advisory lead at Alvarez & Marsal told Arab News.

He praised the National Cybersecurity Strategy,  saying that it prioritizes resilience, secure digital landscapes, and trust.

This strategic approach ensures that Saudi Arabia’s technological growth is supported by adaptive risk management and dynamic defense mechanisms.

In addition to the government’s efforts, the private sector has also played a critical role in building a secure digital ecosystem.

The expanding cybersecurity market in Saudi Arabia

As one of the fastest-growing markets in the Middle East, Saudi Arabia’s cybersecurity sector is valued at approximately SR13.3 billion.

This rapidly expanding market offers substantial opportunities for public-private partnerships, particularly in developing advanced cybersecurity solutions and creating new business models for commercial involvement.

Additionally, the Saudi government’s focus on digital transformation and cybersecurity has opened new avenues for investment.

“Key areas of focus include the development of advanced cybersecurity solutions, engagement in public-private partnerships, and contributions to national initiatives such as the Cybersecurity Catalyst Program spearheaded by the National Cybersecurity Authority,” Mohamed said.

These initiatives are driving a collaborative effort between the public and private sectors to strengthen the Kingdom’s cyber resilience.

Saudi Arabia’s investment in the sector also positions it as a key player in the global cybersecurity market.

The government has partnered with international organizations and cybersecurity firms to enhance its capabilities and bolster the country’s readiness to handle large-scale cyber threats.

This proactive stance is evident in Saudi Arabia’s role as host of major events, such as the Global Cybersecurity Forum, which brings together industry leaders.

Sohil Mohamed, director, cyber risk advisory lead at Alvarez & Marsal. Supplied

Protecting national infrastructure – a key priority

Critical Information Infrastructure Protection has become a top priority for Saudi Arabia as it seeks to secure vital sectors, such as energy, finance, and transportation, from cyber threats.

The Kingdom has experienced several high-profile cyberattacks, most notably the Shamoon attack in 2012, which targeted Saudi Aramco, one of the world’s largest energy companies.

This incident underscored the importance of building robust cybersecurity measures to protect national assets.

Saudi corporations are increasingly focused on quantifying the economic impact of potential cyberattacks, particularly in industries that form the backbone of the national economy.

“Saudi corporations are progressively implementing sophisticated risk assessment tools and methodologies to quantify the economic impact of cyber threats,” Mohamed said.

He explained that this includes evaluating potential financial losses, operational disruptions, and reputational damage from cyber incidents.

Additionally, cyber insurance is becoming a critical tool for mitigating risks. This provides financial protection against potential cyberattacks and promotes the adoption of best practices across industries.

The growing reliance on cyber insurance reflects the increased awareness among Saudi businesses of the importance of proactive cybersecurity measures.

Exporting cybersecurity expertise and technology

Saudi Arabia’s progress in cybersecurity is not only benefitting the Kingdom but also positioning it as a global leader capable of exporting expertise and technologies.

The National Cybersecurity Authority has been instrumental in fostering international collaborations and creating platforms for knowledge sharing.

Initiatives such as the National Cybersecurity Academy provide advanced training to professionals, equipping them with the skills needed to address both domestic and international challenges.

Alvarez & Marsal’s Mohamed said: “By leveraging its robust cybersecurity frameworks and strategic partnerships, Saudi Arabia can offer tailored cybersecurity services and solutions to other regions. Initiatives such as the National Cybersecurity Academy by the NCA.”

This capacity for exporting cybersecurity solutions will allow Saudi Arabia to play a critical role in addressing global online threats.

Moreover, the Kingdom’s strategic location and status as a regional economic hub make it a key player in cybersecurity across the Middle East and North Africa region.

Saudi Arabia is increasingly seen as a model for other countries seeking to enhance their cybersecurity frameworks. Its experience in managing threats and building resilient digital infrastructure has positioned it as a leader in this space.

The Kingdom’s efforts to protect its critical infrastructure are seen not just as a defensive necessity but also as a key pillar in positioning the Kingdom as a leader in global cybersecurity. Vision 2030 has been a central driver of this transformation.

Events such as the Global Cybersecurity Forum have cemented Saudi Arabia’s leadership position. File

Samer Omar, cybersecurity and digital trust leader at PwC Middle East, highlighted to Arab News how the Kingdom’s digital growth has shaped its cybersecurity strategy.

“Saudi Arabia has achieved fourth place globally in the digital services index, first regionally, and second among G20 nations. The rapid advance in technology has increased the digital ecosystem in Saudi Arabia, which in turn has further increased its exposure to cyber-attacks,” Omar said.

He added: “In response, the Kingdom has successfully orchestrated a combination of regulations, investments, and awareness which has propelled most sectors to adopt a proactive security by design approach.”

This proactive approach allowed Saudi Arabia to secure the highest ranking possible in the UN Global Cybersecurity Index 2024, a reflection of the Kingdom’s investment in a secure digital future.

Omar pointed out that Vision 2030 has accelerated the investment in human capital to build critical national capability and aid nationals in attaining key cybersecurity skills and certifications.

He also emphasized the vital role Vision 2030 plays in safeguarding the Kingdom’s critical sectors, particularly energy, finance, and smart cities, which are integral to the nation’s economy.

“Saudi Arabia faces compelling challenges in these critical sectors due to the complex infrastructure, creating a potentially vulnerable and vast attack surface for adversaries,” Omar said.

Omar noted Saudi Arabia’s determination to not only secure its own digital landscape but also position itself as a cybersecurity leader on the global stage.

This leadership is exemplified by initiatives like the Global Cybersecurity Forum, which Omar describes as “a unique ecosystem and platform that is actively engaging with leading bodies such as the World Economic Forum,” thus shaping the future of cybersecurity well beyond the Kingdom.

Addressing the cybersecurity talent gap

Saudi Arabia has been proactively addressing the shortage of cybersecurity talent by heavily investing in capacity-building programs supported by both public and private sectors.

“There are an estimated 19,600 Saudi cybersecurity professionals with 32 percent of them being female,” Omar said.

He continued: “In addition, most major universities have cybersecurity education and training including Capture The Flag competitions, and all the major cybersecurity technology vendors provide training on their products and services.”

These efforts are integral to the country’s broader vision of strengthening its digital infrastructure under Vision 2030.

A secure future

According to Omar, the cybersecurity industry in Saudi Arabia is projected to experience significant growth in the coming years, driven by the Kingdom’s Vision 2030 initiative and robust regulatory frameworks.

“NCA released a report this year that estimates the size of the cybersecurity market to be SR13.3 billion with 31 percent of the spending from the public sector and the remaining 69 percent from the private sector,” he said.

Omar went on to say: “Some analysts estimate the cybersecurity CAGR to be between 11 percent to 13 percent.”

This is due to Vision 2030, which serves as a catalyst for developing the digital ecosystem, Omar explained, emphasizing the strategic role of the initiative in shaping the country’s cyber transformation.

Topics: Cybersecurity National Cybersecurity Strategy UN Global Cybersecurity Index

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Pakistan announces tariff cuts on imports under Azerbaijan trade deal

Updated 20 December 2024
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Pakistan announces tariff cuts on imports under Azerbaijan trade deal

  • Imports from Azerbaijan exempted from all kinds of customs and regulatory duties from Dec. 16
  • Pakistan and Azerbaijan signed trade agreement in July during President Aliyev’s visit to Islamabad
Updated 20 December 2024
NAIMAT KHAN

KARACHI: Pakistan’s Federal Board of Revenue (FBR) has waived off customs and regulatory duties on imports from Azerbaijan under the Pakistan-Azerbaijan Preferential Trade Agreement, the finance ministry said in a notification this month.

During Azerbaijan President Ilham Aliyev’s two-day visit to Pakistan in July, both nations agreed to enhance the volume of bilateral trade to $2 billion, vowing to strengthen ties and increase cooperation in mutually beneficial economic projects. They also signed the Pakistan-Azerbaijan Preferential Trade Agreement to boost economic cooperation through the reduction of tariffs on goods like Pakistani sports equipment, leather, and pharmaceuticals as well as Azerbaijani oil and gas products.

“The federal government is pleased to exempt with effect from Dec. 16, 2024, the import into Pakistan from Azerbaijan of the goods specified,” the finance ministry said in a notification. adding that imports from Azerbaijan would be exempted from all kinds of tariffs including customs duty, additional customs duty and regulatory duty. 

“Provided that where the rates of customs duty, additional customs duty, and regulatory duty [...] are higher than specified rates, the lower rates [...] shall apply,” it added.

The tariff concessions cover items including shelled hazelnuts or filberts, apricots, vegetable saps and extracts, non-stemmed tobacco, polyethylene, propylene copolymers, casing, tubing, drill pipes and refined copper wire with a maximum cross-sectional dimension exceeding 6 mm.

In recent weeks, there has been a flurry of visits, investment talks and economic activity between officials from Pakistan and the Central Asian nations as well as other transcontinental and landlocked countries like Azerbaijan as Islamabad seeks to consolidate the South Asian nation’s role as a pivotal trade and transit hub.

Topics: Pakistan Azerbaijan Trade deal Arab News Pakistan Federal Board of Revenue

Oil Updates – crude falls on demand growth concerns, robust dollar

Updated 20 December 2024
Reuters
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Oil Updates – crude falls on demand growth concerns, robust dollar

Updated 20 December 2024
Reuters

LONDON, Dec 20 : Oil prices fell on Friday on worries about demand growth in 2025, especially in top crude importer China, putting global oil benchmarks on track to end the week down more than 3 percent.

Brent crude futures fell by 32 cents, or 0.4 percent, to $72.56 a barrel by 4:09 p.m. Saudi time. US West Texas Intermediate crude futures also eased 32 cents, or 0.5 percent, to $69.06 per barrel.

Chinese state-owned refiner Sinopec said in its annual energy outlook released on Thursday that China’s crude imports could peak as soon as 2025 and the country’s oil consumption would peak by 2027 as diesel and gasoline demand weaken.

“Benchmark crude prices are in a prolonged consolidation phase as the market heads toward the year-end weighed by uncertainty in oil demand growth,” said Emril Jamil, senior research specialist at LSEG.

He added that OPEC+ would require supply discipline to perk up prices and soothe jittery market nerves over continuous revisions of its demand growth outlook. The Organization of the Petroleum Exporting Countries and allies, together called OPEC+, recently cut its growth forecast for 2024 global oil demand for a fifth straight month.

JPMorgan sees the oil market moving from balance in 2024 to a surplus of 1.2 million barrels per day in 2025, as the bank forecasts non-OPEC+ supply increasing by 1.8 million bpd in 2025 and OPEC output remaining at current levels.

Meanwhile, the dollar’s climb to near a two-year high also weighed on oil prices, after the US Federal Reserve flagged it would be cautious about cutting interest rates in 2025.

A stronger dollar makes oil more expensive for holders of other currencies, while a slower pace of rate cuts could dampen economic growth and trim oil demand.

US President-elect Donald Trump said on Friday that the EU may face tariffs if the bloc does not cut its growing deficit with the US by making large oil and gas trades with the world’s largest economy.

In a move that could pare supply, G7 countries are considering ways to tighten the price cap on Russian oil, such as with an outright ban or by lowering the price threshold, Bloomberg reported on Thursday.

Russia has circumvented the $60 per barrel cap imposed in 2022 using its “shadow fleet” of ships, which the EU and UK have targeted with further sanctions in recent days. 

Topics: oil updates oil prices

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Saudi Arabia drives MENA e-commerce growth during festive season: report

Updated 19 December 2024
Reem Walid
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Saudi Arabia drives MENA e-commerce growth during festive season: report

Updated 19 December 2024
Reem Walid

RIYADH: Saudi Arabia played a pivotal role in driving a 44 percent increase in e-commerce orders across the Middle East and North Africa region during the 2024 festive season, according to a joint study by Flowwow and Admitad.

The surge was fueled by trends in mobile shopping, cultural celebrations, and gifting. Saudi Arabia led the way in mobile commerce adoption, with 62 percent of online purchases made via mobile devices.

The report also highlighted significant growth in the broader MENA e-commerce market, which is expected to reach $50 billion by 2025. During the holiday season, this market experienced a substantial uptick in activity.

Flowwow, a UAE-based gifting marketplace, reported a 62 percent rise in purchases, an 86 percent increase in sales turnover, and a 15.76 percent increase in average order value compared to the previous year.

Slava Bogdan, CEO of Flowwow, said: “The festive season is one of the peak shopping periods for Flowwow gifting marketplace. It’s a time when our customers focus on celebrating and sharing joy through thoughtful gifts for their loved ones.”

He continued: “Starting with White Friday in November and continuing through the Christmas and New Year festivities, this period represents a critical shopping time in the GCC region, especially with the growing expat population.”

According to the study, November emerged as the busiest month for e-commerce, driven by Black Friday sales and preparations for Christmas and New Year. Ramadan in March and International Women’s Day in January also contributed to sales growth, with increases of 11 percent and 14 percent, respectively.

Across the region, the average order value rose from $30 in 2023 to $36 in 2024, reflecting a shift toward higher spending on quality items.

The report further revealed that mobile commerce accounted for 44.6 percent of all orders in the region in 2024. Following Saudi Arabia’s lead, the UAE recorded 60 percent adoption, Bahrain had 59 percent, and Oman followed with 58 percent. Kuwait and Qatar also saw strong mobile commerce uptake at 57 percent and 54 percent, respectively.

Marketplaces continued to dominate, contributing to 67 percent of total sales. Key product categories included electronics, fashion, and home and garden, while high-value items like furniture and jewelry drove higher AOVs.

“This year’s surge in e-commerce activity demonstrates the evolving shopping habits in the MENA region, where mobile-first experiences and marketplace-driven sales have become the backbone of consumer behavior. Our data highlights how businesses can leverage these trends to optimize their strategies and grow significantly during peak seasons,” said Anna Gidirim, CEO of Admitad.

Among the countries in the region, Kuwait recorded the highest average order value at $127, followed by the UAE at $102, Egypt at $74, Saudi Arabia at $52, and Qatar at $50.

Pakistan saw the largest sales growth at 28 percent, with notable increases in Kuwait at 17 percent and Saudi Arabia at 8 percent, according to the survey data.

The report emphasized the importance of cultural celebrations in shaping consumer behavior and underscored the growing role of mobile commerce and marketplaces in the region’s e-commerce landscape.

Topics: Saudi Arabia MENA ecommerce

Closing Bell: Saudi main index ends week in red; trade volume nears $3bn 

Updated 19 December 2024
Nour El-Shaeri 
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Closing Bell: Saudi main index ends week in red; trade volume nears $3bn 

Updated 19 December 2024
Nour El-Shaeri 

RIYADH: Saudi Arabia’s Tadawul All Share Index closed in red on Thursday, losing 68.61 points, or 0.57 percent, to settle at 11,892.44. 

The total trading turnover of the benchmark index was SR10.9 billion ($2.9 billion), as 51 of the listed stocks advanced, while 185 retreated.  

The MSCI Tadawul Index also decreased by 8.95 points, or 0.60 percent, to close at 1,489.42. 

The Kingdom’s parallel market Nomu gained 247.96 points, or 0.79 percent, to close at 31,444.21. This comes as 33 of the listed stocks advanced, while 49 retreated. 

The best-performing stock of the day was Savola Group, with its share price surging by 9.97 percent to SR36.95. 

Other top performers included Middle East Specialized Cables Co., which saw its share price rise by 5.14 percent to SR41.90, and Arabian Centers Co., which saw a 3.94 percent increase to SR21.62. 

Bawan Co. and Al-Baha Investment and Development Co. also saw a positive change, with their share prices surging by 3.64 percent and 3.23 percent to SR57 and SR0.32, respectively. 

The worst performer of the day was Fitaihi Holding Group, whose share price fell by 6.68 percent to SR4.05. 

Arabian Contracting Services Co. and AYYAN Investment Co. also saw declines, with their shares dropping by 4.17 percent and 14.42 percent to SR156.40 and SR3.87, respectively.  

Moreover, Raydan Food Co. and East Pipes Integrated Co. for Industry also saw declines in today’s session, with their share prices dropping by 3.32 percent and 3.30 percent to SR22.10 and SR135, respectively. 

On Nomu, the top performer was Leaf Global Environmental Services Co., with its share price surging by 13.29 percent to reach SR110. 

In second place was Intelligent Oud Co. for Trading, which saw an 8.92 percent surge in terms of share price to SR48.25, followed by National Environmental Recycling Co., which saw a 6.71 percent surge in its share price to reach SR8.11. 

Saudi Azm for Communication and Information Technology Co. and Gas Arabian Services Co. also fared well with 6.16 percent and 4.67 percent increases, respectively. 

On the announcement front, United Electronics Co., also known as eXtra, has recommended repurchasing up to 3 million ordinary shares to be held as treasury shares, according to a filing with the Tadawul. 

The board highlighted that the current market price of the company’s stock is below its fair value, prompting the buyback proposal. 

The repurchase will be financed through eXtra’s internal resources, including proceeds from the successful initial public offering of its subsidiary, United International Holding Co. 

Currently, 4.4 percent of eXtra’s share capital is held as treasury shares. The company highlighted that repurchased shares will not carry voting rights at shareholders’ meetings. 

The proposed buyback is subject to approval by the extraordinary general meeting. It will also require compliance with financial solvency requirements outlined in the executive regulations of the Companies Law governing listed joint-stock companies. 

ACWA Power Co. has also submitted a request to the Capital Market Authority to increase its capital through an SR7.13 billion rights issue, according to a bourse filing. 

The company stated that further updates regarding the capital increase will be disclosed in due course. 

Red Sea International Co.’s subsidiary, Fundamental Installation for Electric Work Co., has signed an agreement to increase its credit facilities with Saudi Awwal Bank by SR100 million, according to a statement to Tadawul. 

As a result, the total value of the facilities will rise to SR296.11 million, with the financing period extending until Dec. 18, 2025. 

The agreement includes a promissory note of SR296.10 million signed by Fundamental Installation for Electric Work, Red Sea International, and MSB Holding, as well as Fares Esamet Al-Saadi and Zeyad Al-Sayegh. 

Personal guarantees of SR14.50 million and SR29.01 million were also provided by Al-Sayegh and Al-Saadi, respectively, while MSB Holding and Red Sea International issued corporate guarantees of SR101.56 million and SR151.01 million, respectively. 

The additional credit facilities aim to increase the limit of letters of credit to support the import and procurement of goods for one of the company’s projects. 

United Electronics Co.’s share price increased by 3.05 percent in Thursday’s trading session to reach SR98. 

ACWA Power Co. Saw a 2.13 percent drop in its share price to close Thursday’s trading at SR377.60.

Red Sea International Co.’s share price dropped 1.06 percent to settle at SR0.60 by Thursday’s end.

Topics: Closing Bell Saudi Stock Exchange (Tadawul) Tadawul All Share Index (TASI)

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